How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask socrateaser Your Own Question
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 37824
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
Type Your Bankruptcy Law Question Here...
socrateaser is online now
A new question is answered every 9 seconds

i live in massachusetts in in the laborers union and have50.000

Resolved Question:

i live in massachusetts in in the laborers union and have50.000 in annuity and havebeen laid off for 6 of the last ten months and in serios debt with my credit cards will a judge order the union to release my funds so i can avoid bankruptcy
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 7 years ago.

A court could conceivably order the release of funds, but only in accordance with the annuity's own terms and conditions (absent proof of fraud by the Plan administrator). The point being that you wouldn't ordinarily require a court to release funds for a hardship, because the Plan should have provisions for the release without a court order in the event of an emergency.


That said, you may want to consider the financial cost of what you are contemplating. Let's say you have $50,000 in debt, and $50,000 in the annuity.


If you release the money and pay the debt, you end up with $0.00.


Conversely, if you refuse to release the money and file for bankruptcy instead, you will avoid paying the $50,000 in debt, and you will save the $50,000 in the annuity, because that money is protected from your creditors in bankruptcy.


Thus, filing bankruptcy actually is worth $100,000 more than your contemplated action.


You may be thinking that you want to save your credit record. But, is your credit record really worth $100,000? In about 2 years after you file bankruptcy, your credit will be practically restored. So, you will have spent $50,000 per year for a better credit record.


Seems like a really expensive option to me -- whereas a Chapter 7 bankruptcy will cost you about $2,500.


For a bankruptcy attorney referral, see: and


Hope this helps.


Terms and Conditions: By your continuing in this conversation with me, or by your clicking “Accept”, you are expressly agreeing to all of the following: (1) our communication is for entertainment purposes only; (2) you are not consulting me in my professional capacity as an attorney; (3) you do not seek to establish an attorney-client relationship with me, nor do I with you; (4) you will not rely on anything I say and you will obtain appropriate legal counsel via a traditional/office consultation with an attorney licensed to practice in the jurisdiction where your legal issue arises (and you may not use our communication to avoid taxpayer penalties imposed by the U.S. Dept. of Treasury); (5) by communicating with me in this public forum you are irrevocably waiving any right to privacy, confidentiality and attorney-client privilege concerning the matters discussed. You further separately declare that any payment made by you is not consideration for this contract, nor offered for any services rendered by me on your behalf, but rather is made in genuine admiration and respect for my desire to help others. If you do not agree with these terms and conditions, then you must advise me immediately.

socrateaser and 3 other Bankruptcy Law Specialists are ready to help you

Related Bankruptcy Law Questions